MOUNTAIN VIEW, Calif., Sept. 20 /PRNewswire/ -- Elance ( http://www.elance.com/ ) today announced that one of its enterprise customers has passed the one billion dollar threshold in annual transactions managed with Elance's Service and Contractor Management solution. Elance Services and Contractor Management helps businesses find, evaluate, purchase, manage and pay for third-party services and contractors, yielding savings of 10-20 percent, ensuring compliance with key processes and labor laws, and monitoring and improving supplier performance.

Working closely with this customer, a Fortune 100 financial services concern, Elance has brought visibility and control over mission-critical services from several hundred suppliers and thousands of contractors across key service categories like contingent labor, information technology, marketing, print, and operations.

"Elance's mission is to deliver a market-leading service and to form a partnership with its customers to deliver outstanding bottom-line business results," said Fabio Rosati, president and CEO of Elance. "The achievement, in less than 18 months, of the $1 billion milestone by one of our customers speaks to the value of services and contractor management and to our solution's ability to underpin multiple service categories."

Everyday, Elance enables over 200,000 employees at leading companies buy and manage third party services across 50 service categories -- from contingent labor to services, from front-office functions like marketing, research and customer contact centers to infrastructure functions such as IT, operations and facilities management -- and streamline their collaboration with over 2,000 suppliers of services, including managed service providers, business process outsourcing firms, and consulting firms.

"We are indeed fortunate to have a Fortune 100 financial services firm validate the value, capabilities and scale of our solution," said Rosati. "We look forward to celebrating equally with several additional customers that are set to achieve this mark in the next several months."